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EUR/USD ends the week higher after NFP, eyes ECB decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD pulled back from daily highs and steadied around 1.1000 over the last hours as interest decreases ahead of the weekend.

    EUR/USD had a volatile session on the back of the nonfarm payrolls report as the dollar reacted positively to the headline (242K vs 190K expected) but weakened as investors scrutinized the details. The average hourly earnings posted only their first decline since December 2014, declining by -0.1%, and the average weekly hours worked also dropped substantially by 0.2%.

    EUR/USD initially moved down to 1.0902 and then rallied to a high of 1.1042 before the 200-day SMA offered resistance. It was last trading around 1.1000, up 0.41% on the day and gaining 0.81% over the week.

    Next Thursday, the European Central Bank will decide on monetary policy with investors anticipating more easing measures.

    EUR/USD technical levels

    As for technical levels, next resistances line up at 1.1045 (200-day SMA), 1.1083 (20-day SMA) and 1.1100 (psychological level). On the other hand, supports could be found at 1.0902 (Mar 4 low), 1.0853 (Mar 3 low) and 1.0814 (Feb 1 low).
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